Markets in Focus: Market Turnover Drops To KES 868 Million

By Soko Directory Team / November 8, 2018




Market turnover dropped to 868 million shillings on Wednesday as information on this month’s primary auction filtered out.

Indications are the offer will be a 20-year IFB, the longest infrastructure bond to be issued to date. A coupon of between 11.25 percent and 11.75 percent is expected with an amortization schedule of 10 years, 15 years and 20 years.

The overnight settled at an average of 3 percent on Wednesday while the local unit lost ground slightly to close at 101.7.

Market analysts still believe the 10-year bond holds value at 12 percent and above with an opportunity if the curve corrects downward along that tenor.

KenolKobil Acquires 33 Stations in Uganda and Rwanda

KenolKobil Plc (NSE: KENO) is set to acquire a total of 33 stations operated by Delta Petroleum in Uganda and Rwanda through its wholly owned subsidiaries Kobil Uganda Limited and Kobil Petroleum Rwanda Limited in Uganda and Rwanda.

This will effectively bring its total number of stations to 433 with Kenya leading with a total of 200 stations while Uganda and Rwanda will have 56 and 61 stations, respectively.

The move is in line with the firm’s 30 stations a year strategy as well as expansion in the region through the acquisition of smaller OMCs.

This is expected to grow the company’s revenue with Kenol citing better growth prospects in the two countries compared to Tanzania and Congo where it has since divested from.

KenolKobil: Update on the 88Mn ESOP Shares issued to the CEO

KenolKobil has put into perspective the allocation of ESOP shares to the CEO, David Ohana.

The firm indicates that out of the 149 million outstanding shares under ESOP, Mr. Ohana has been awarded options to purchase 88 million shares. However, under existing ESOP rules, an executive can only purchase up to 25 percent of the outstanding ESOP shares which in Mr. Ohana’s case, amounts to 37.25 million shares.



About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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